Summary Earlier in March, petrol consumption hit the highest in country's history
ISLAMABAD (Dunya News) – Finance Ministry has rejected summary forwarded by Oil and Gas Regulatory Authority that sought hike in petroleum products’ prices, reported Wednesday.
Finance Minister Ishaq Dar said that prices were maintained for June, keeping in mind Prime Minister Nawaz Sharif’s policy to relieve people of financial issues to the maximum.
A notification issued by the ministry in this regard stated that the government would bear the financial burden after the development. Keeping the prices unchanged will help provincial governments limit unnecessary hike in prices of products during Ramazan.
Oil and Gas Regulatory Authority had recommended 85 percent increase in petroleum products’ prices. According to the notification, the government would bear around Rs 8.5 billion burden.
The authority had recommended Rs0.85 per liter hike in petrol price, Rs6.69 in high speed diesel price, Rs2.18 in high octane’s, Rs4.57 and Rs4.47 hike on per liter prices of kerosene oil and light diesel.
Earlier in March, petrol consumption hit the highest in country’s history with locals purchasing at least 5.5 lac tonne product. Price cut by the government in March resulted in 22 percent increase in sales.
Diesel sales increased by 16 percent in the aforementioned month taking the consumption tally to 6 lac tonne.
Besides locomotive purposes, furnace oil which is used for power production also saw six percent increased sales.
Experts have said that both petrol consumption would recede in coming months due to import of Liquefied Natural Gas.
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